Nigeria’s FX turnover crashes 46.57%, hitting $1.63 billion in July’s second week

Nigeria’s FX market turnover crashed 46.57% to $1.63 billion in the week ended July 10, 2026, marking the sharpest weekly decline recorded so far this year.

Nigeria’s FX Turnover Crashes 46.57% to $1.63 Billion

Nigeria’s foreign exchange market turnover crashed 46.57% to $1.631 billion in the week ended July 10, 2026, down from $3.053 billion the previous week, according to FMDQ data obtained by Nairametrics.

The daily average fell to $326.22 million from $610.60 million. FX Spot bore the brunt, dropping 46.62% to $1.580 billion, while Forwards fell 45.19% to $51.22 million.

Analysts describe the pullback as a normalisation following three consecutive weeks of elevated activity, rather than a structural deterioration in market liquidity.